[137 Pages Report] The heat recovery steam generator market is estimated to be USD 740.73 Million in 2015, and is expected to grow at a CAGR of 3.7%, from 2015 to 2020. increasing global electricity demand & subsequent investments in power plants will drive the heat recovery steam generator market.

The years considered for the study are as follows:

Base Year- 2014

Estimated Year- 2015

Projected Year- 2020

Forecast Period- 2015 to 2020

The year 2014 has been considered as the base year for company profiles. Where information was unavailable for the base year, the prior year has been considered.

Objectives of the Study

To define, describe, and forecast the heat recovery steam generator market by well type, application, weight and region, in terms of value

To provide detailed information regarding the major factors, such as drivers, restraints, opportunities, and industry-specific challenges, influencing the growth of the heat recovery steam generator

To strategically analyze the heat recovery steam generator market with respect to individual growth trends, future prospects, and the contribution of each segment to the market

To track and analyze competitive developments such as contracts & agreements, expansions and investments, new product launches, and mergers & acquisitions in the heat recovery steam generator market

Research Methodology

This research study involved the use of extensive secondary sources, directories, and databases, such as Hoover’s, Bloomberg BusinessWeek, Factiva, and OneSource, to identify and collect information useful for a technical, market-oriented, and commercial study of the heat recovery steam generator market. Primary sources are mainly industry experts from core and related industries, technical, market-oriented, standards and certification organizations of companies, and organizations related to all the segments of this industry’s value chain. The points given below explain the research methodology.

Study of the annual revenues and market developments of the major players that provide heat recovery steam generator to end-user companies

Analysis of natural gas-fired power plant upgrade and commissioning across various regions

Study of the market trends in various regions and countries with regard to heat recovery steam generator

Study of the contracts and developments related to the pump jack market by key players across different regions

Finalization of market size by triangulating the supply-side and demand-side data, which includes product developments, supply chain, and annual revenues of heat recovery steam generator companies across the globe

After arriving at the overall market size, the total market has been split into several segments and subsegments. The figure given below illustrates the breakdown of primaries, on the basis of company type, designation, and region, conducted during the research study.

The ecosystem of the heat recovery steam generator market consists of pipes and tubes, among others. In the later stage, assembling of the generator takes place where all the components are integrated. This equipment below shows the distributed to power plants or other industries where they are commissioned.

The global heat recovery steam generator market is projected to grow at a CAGR of 3.7% from 2015 to 2020 to reach USD 888.20 Million by 2020. Increasing global electricity demand, subsequent investments in power plants, increasing efforts to reduce global greenhouse gas emissions, and growing adoption of CCPP & CHP are the factors driving the heat recovery steam generator market.

Applications of heat recovery steam generators are not limited to use in CCPP and CHP plants alone. They are also used in biomass and integrated solar combined cycle (ISCC) power plants.

The report segments the heat recovery steam generator market on the basis of its application in various end-user industries, which include utilities, chemicals, refineries, pulp & paper, commercial, and other industries. Based on its rated power, the heat recovery steam generator market has been categorized in the following MW ranges, namely, up to 30 MW and >30 MW. The market has also been categorized on the basis of application into combined cycle and CHP.

The CHP segment accounted for more than 50% of the total market share in 2014. Cogeneration or CHP is a technology through which electricity and heat are simultaneously produced. It is highly efficient and can achieve primary energy savings by nearly 40%. Moreover, it is installed close to the end-user, which would help in reducing T&D losses. The typical recoverable temperature ranges from 90oC to 400oC, which are used for district heating or cooling and other factory processes.

In this report, the heat recovery steam generator market has been analyzed with respect to four regions, namely, Europe, Asia-Pacific, North America, and Rest of the World (RoW). The European region is currently the largest market, followed by Asia-Pacific and North America. Europe would continue to dominate the market, as it has the highest number of CHP plants in the world, and Asia-Pacific is expected to grow at the fastest pace. Factors such as urbanization, industrialization, and fast economic growth necessitates huge requirement for electric power in various countries in the Asia-Pacific region, which demands development of new power plants, especially gas-fired ones; this in turn would increase the demand for heat recovery steam generators. The figure below shows the market sizes for all the regions from 2015 to 2020.

The demand for heat recovery steam generators can be directly linked to the development in CCPP and CHP plants. However, some operators still prefer open or simple cycle power plants as they are less complex, less expensive, and faster to construct. They also require considerably less space and equipment for operation when compared to CCPP. Most importantly, they do not require heat recovery steam generators. This is the major restraint of the market growth. Apart from that, problems associated with flow accelerated corrosion in heat recovery steam generators are also restraining the growth in the market.

Some of the leading players in the heat recovery steam generator market include General Electric Company (U.S.), Siemens AG (Germany), Amec Foster Wheeler plc. (U.K.), Babcock & Wilcox Company (U.S.), CMI Group (Belgium), and Doosan Engineering & Construction Co., Ltd. (South Korea), among others. Contracts & agreements was the most common strategy adopted by top players in the market, constituting more than three quarters of the total development share. It was followed by expansions and mergers & acquisitions.